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£1 billion in new housing due as developer sees banking facility extended

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£1 billion in new housing due as developer sees banking facility extended

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Published by Max Salsbury for 24dash.com in Housing and also in Development

Bovis Homes to cut another 200 jobs as sales slump 48% Bovis Homes to cut another 200 jobs as sales slump 48%

Housing developer Weston Homes has been given a £100 million extension to its existing funding facility by HSBC and Lloyds - which the company says will enable it to deliver £1 billion of new residential and mixed use development over the next 4-5 years.

Bob Weston, chairman & managing director, said: “This extended banking facility further strengthens our business and places us in an excellent position to take advantage of the current buoyancy of the London and South East housing markets and new development opportunities.

“The housing market is cyclical and currently London and the Home Counties are enjoying a good recovery and upward turn. This is demonstrated by the strong pick up we have witnessed in both the volume and speed of sales that the business enjoys. This banking facility enables us to capitalise on this market.”

Established in 1987, Weston Homes currently has a £115+ million turnover and circa 450 sales completions per annum.

The company's homes have an average sales price of £250,000 and it undertakes new build, conversion and mixed-use projects on brownfield-land sites in inner London and the Home Counties.

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